rjf0331q224supplement

5 Quarterly Financial Supplement Fiscal second quarter of 2024 results

TABLE OF CONTENTS PAGE Consolidated Statements of Income (Unaudited) 3 Consolidated Selected Key Metrics (Unaudited) 4 Segment Results Private Client Group (Unaudited) 6 Capital Markets (Unaudited) 7 Asset Management (Unaudited) 8 Bank (Unaudited) 9 Other (Unaudited) 10 Bank Segment Selected Key Metrics (Unaudited) 11 Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) 12 Footnotes 18 RAYMOND JAMES FINANCIAL, INC.

Three months ended % change from Six months ended $ in millions, except per share amounts March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Revenues: Asset management and related administrative fees $ 1,302 $ 1,373 $ 1,446 $ 1,407 $ 1,516 16 % 8 % $ 2,544 $ 2,923 15 % Brokerage revenues: Securities commissions 369 356 382 383 414 12 % 8 % 721 797 11 % Principal transactions 127 105 98 139 114 (10) % (18) % 259 253 (2) % Total brokerage revenues 496 461 480 522 528 6 % 1 % 980 1,050 7 % Account and service fees 258 264 314 319 335 30 % 5 % 547 654 20 % Investment banking 154 151 202 181 179 16 % (1) % 295 360 22 % Interest income 915 987 1,019 1,053 1,049 15 % — % 1,742 2,102 21 % Other 32 57 54 38 31 (3) % (18) % 76 69 (9) % Total revenues 3,157 3,293 3,515 3,520 3,638 15 % 3 % 6,184 7,158 16 % Interest expense (284) (386) (462) (507) (520) 83 % 3 % (525) (1,027) 96 % Net revenues 2,873 2,907 3,053 3,013 3,118 9 % 3 % 5,659 6,131 8 % Non-interest expenses: Compensation, commissions and benefits 1,820 1,851 1,892 1,921 2,043 12 % 6 % 3,556 3,964 11 % Non-compensation expenses: Communications and information processing 153 149 158 150 165 8 % 10 % 292 315 8 % Occupancy and equipment 68 68 69 72 73 7 % 1 % 134 145 8 % Business development 54 66 66 61 60 11 % (2) % 110 121 10 % Investment sub-advisory fees 36 40 41 40 44 22 % 10 % 70 84 20 % Professional fees 38 35 40 32 33 (13) % 3 % 70 65 (7) % Bank loan provision for credit losses 28 54 36 12 21 (25) % 75 % 42 33 (21) % Other (1) 119 158 166 95 70 (41) % (26) % 176 165 (6) % Total non-compensation expenses 496 570 576 462 466 (6) % 1 % 894 928 4 % Total non-interest expenses 2,316 2,421 2,468 2,383 2,509 8 % 5 % 4,450 4,892 10 % Pre-tax income 557 486 585 630 609 9 % (3) % 1,209 1,239 2 % Provision for income taxes 130 117 151 132 133 2 % 1 % 273 265 (3) % Net income 427 369 434 498 476 11 % (4) % 936 974 4 % Preferred stock dividends 2 — 2 1 2 — % 100 % 4 3 (25) % Net income available to common shareholders $ 425 $ 369 $ 432 $ 497 $ 474 12 % (5) % $ 932 $ 971 4 % Earnings per common share – basic (2) $ 1.97 $ 1.75 $ 2.07 $ 2.38 $ 2.27 15 % (5) % $ 4.33 $ 4.65 7 % Earnings per common share – diluted (2) $ 1.93 $ 1.71 $ 2.02 $ 2.32 $ 2.22 15 % (4) % $ 4.23 $ 4.54 7 % Weighted-average common shares outstanding – basic 214.3 210.1 208.3 208.6 208.3 (3) % — % 214.5 208.4 (3) % Weighted-average common and common equivalent shares outstanding – diluted 219.2 214.8 213.8 213.8 213.4 (3) % — % 219.7 213.5 (3) % RAYMOND JAMES FINANCIAL, INC. Consolidated Statements of Income (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 3

As of % change from $ in millions, except per share amounts March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Total assets $ 79,180 $ 77,633 $ 78,360 $ 80,130 $ 81,232 3 % 1 % Total common equity attributable to Raymond James Financial, Inc. $ 9,875 $ 9,870 $ 10,135 $ 10,711 $ 10,905 10 % 2 % Book value per share (3) $ 46.67 $ 47.34 $ 48.54 $ 51.32 $ 52.60 13 % 2 % Tangible book value per share (3) (4) $ 38.14 $ 38.71 $ 40.03 $ 42.81 $ 44.11 16 % 3 % Capital ratios: Tier 1 leverage 11.5 % 11.4 % 11.9 % 12.1 % 12.3 % (5) Tier 1 capital 20.1 % 20.6 % 21.4 % 21.6 % 21.9 % (5) Common equity tier 1 19.9 % 20.4 % 21.2 % 21.5 % 21.8 % (5) Total capital 21.4 % 22.0 % 22.8 % 23.0 % 23.3 % (5) $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Adjusted pre-tax income (4) $ 585 $ 526 $ 619 $ 653 $ 635 9 % (3) % $ 1,234 $ 1,288 4 % Adjusted net income available to common shareholders (4) $ 446 $ 399 $ 457 $ 514 $ 494 11 % (4) % $ 951 $ 1,008 6 % Adjusted earnings per common share – basic (2) (4) $ 2.07 $ 1.89 $ 2.19 $ 2.46 $ 2.37 14 % (4) % $ 4.42 $ 4.83 9 % Adjusted earnings per common share – diluted (2) (4) $ 2.03 $ 1.85 $ 2.13 $ 2.40 $ 2.31 14 % (4) % $ 4.31 $ 4.71 9 % Return on common equity (6) 17.3 % 14.9 % 17.3 % 19.1 % 17.5 % 19.3 % 18.3 % Adjusted return on common equity (4) (6) 18.2 % 16.1 % 18.3 % 19.7 % 18.3 % 19.7 % 19.0 % Adjusted return on tangible common equity (4) (6) 22.3 % 19.7 % 22.2 % 23.8 % 21.8 % 24.2 % 22.8 % Pre-tax margin (7) 19.4 % 16.7 % 19.2 % 20.9 % 19.5 % 21.4 % 20.2 % Adjusted pre-tax margin (4) (7) 20.4 % 18.1 % 20.3 % 21.7 % 20.4 % 21.8 % 21.0 % Total compensation ratio (8) 63.3 % 63.7 % 62.0 % 63.8 % 65.5 % 62.8 % 64.7 % Adjusted total compensation ratio (4) (8) 62.8 % 62.7 % 61.4 % 63.4 % 65.2 % 62.2 % 64.3 % Effective tax rate 23.3 % 24.1 % 25.8 % 21.0 % 21.8 % 22.6 % 21.4 % Three months ended % change from Six months ended RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 4

As of % change from Client asset metrics ($ in billions) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Client assets under administration $ 1,224.4 $ 1,280.9 $ 1,256.5 $ 1,370.6 $ 1,449.1 18 % 6 % Private Client Group assets under administration $ 1,171.1 $ 1,227.0 $ 1,201.2 $ 1,310.5 $ 1,388.8 19 % 6 % Private Client Group assets in fee-based accounts $ 666.3 $ 697.0 $ 683.2 $ 746.6 $ 798.8 20 % 7 % Financial assets under management $ 194.4 $ 200.7 $ 196.4 $ 215.0 $ 226.8 17 % 5 % Three months ended Six months ended Net new assets metrics (9) ($ in millions) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Domestic Private Client Group net new assets (10) $ 21,473 $ 14,386 $ 14,169 $ 21,575 $ 9,648 $ 44,699 $ 31,223 Domestic Private Client Group net new assets growth — annualized (10) 8.4 % 5.4 % 5.0 % 7.8 % 3.2 % 9.4 % 5.7 % As of % change from Private Client Group financial advisors March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Employees 3,628 3,654 3,693 3,718 3,747 3 % 1 % Independent contractors (10) 5,098 5,050 5,019 4,992 5,014 (2) % — % Total advisors (10) 8,726 8,704 8,712 8,710 8,761 — % 1 % As of % change from Clients' domestic cash sweep and Enhanced Savings Program balances ($ in millions) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Raymond James Bank Deposit Program (“RJBDP”): (11) Bank segment (11) $ 37,682 $ 27,915 $ 25,355 $ 23,912 $ 23,405 (38) % (2) % Third-party banks 9,408 16,923 15,858 17,820 18,234 94 % 2 % Subtotal RJBDP 47,090 44,838 41,213 41,732 41,639 (12) % — % Client Interest Program 2,385 1,915 1,620 1,765 1,715 (28) % (3) % Total clients’ domestic cash sweep balances 49,475 46,753 42,833 43,497 43,354 (12) % — % Enhanced Savings Program ("ESP") (12) 2,746 11,225 13,592 14,476 14,863 441 % 3 % Total clients’ domestic cash sweep and ESP balances $ 52,221 $ 57,978 $ 56,425 $ 57,973 $ 58,217 11 % — % Three months ended % change from Six months ended Net interest income and RJBDP fees ($ in millions) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Net interest income and RJBDP fees (third-party banks) $ 731 $ 708 $ 711 $ 698 $ 689 (6) % (1) % $ 1,454 $ 1,387 (5) % Average yield on RJBDP - third-party banks (13) 3.25 % 3.37 % 3.60 % 3.66 % 3.59 % 2.93 % 3.62 % RAYMOND JAMES FINANCIAL, INC. Consolidated Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 5

Three months ended % change from Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Revenues: Asset management and related administrative fees $ 1,102 $ 1,164 $ 1,226 $ 1,191 $ 1,283 16 % 8 % $ 2,155 $ 2,474 15 % Brokerage revenues: Mutual and other fund products 135 135 142 136 141 4 % 4 % 263 277 5 % Insurance and annuity products 113 103 119 125 127 12 % 2 % 217 252 16 % Equities, ETFs, and fixed income products 116 111 115 121 139 20 % 15 % 229 260 14 % Total brokerage revenues 364 349 376 382 407 12 % 7 % 709 789 11 % Account and service fees: Mutual fund and annuity service fees 105 103 109 106 115 10 % 8 % 203 221 9 % RJBDP fees: (11) Bank segment (11) 311 277 237 223 206 (34) % (8) % 579 429 (26) % Third-party banks 100 107 154 152 160 60 % 5 % 237 312 32 % Client account and other fees 56 59 56 65 64 14 % (2) % 116 129 11 % Total account and service fees 572 546 556 546 545 (5) % — % 1,135 1,091 (4) % Investment banking 9 9 8 11 8 (11) % (27) % 18 19 6 % Interest income 117 114 115 118 122 4 % 3 % 226 240 6 % All other 9 25 8 4 6 (33) % 50 % 15 10 (33) % Total revenues 2,173 2,207 2,289 2,252 2,371 9 % 5 % 4,258 4,623 9 % Interest expense (29) (25) (24) (26) (30) 3 % 15 % (51) (56) 10 % Net revenues 2,144 2,182 2,265 2,226 2,341 9 % 5 % 4,207 4,567 9 % Non-interest expenses: Financial advisor compensation and benefits 1,118 1,151 1,193 1,190 1,273 14 % 7 % 2,193 2,463 12 % Administrative compensation and benefits 345 355 348 379 391 13 % 3 % 687 770 12 % Total compensation, commissions and benefits 1,463 1,506 1,541 1,569 1,664 14 % 6 % 2,880 3,233 12 % Non-compensation expenses 240 265 247 218 233 (3) % 7 % 452 451 — % Total non-interest expenses 1,703 1,771 1,788 1,787 1,897 11 % 6 % 3,332 3,684 11 % Pre-tax income $ 441 $ 411 $ 477 $ 439 $ 444 1 % 1 % $ 875 $ 883 1 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Private Client Group (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 6

Three months ended % change from Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Revenues: Brokerage revenues: Fixed income $ 96 $ 78 $ 71 $ 102 $ 88 (8) % (14) % $ 196 $ 190 (3) % Equity 34 32 30 38 34 — % (11) % 68 72 6 % Total brokerage revenues 130 110 101 140 122 (6) % (13) % 264 262 (1) % Investment banking: Merger & acquisition and advisory 87 88 141 118 107 23 % (9) % 189 225 19 % Equity underwriting 29 25 16 26 23 (21) % (12) % 44 49 11 % Debt underwriting 29 28 37 26 41 41 % 58 % 45 67 49 % Total investment banking 145 141 194 170 171 18 % 1 % 278 341 23 % Interest income 21 21 23 23 26 24 % 13 % 44 49 11 % Affordable housing investments business revenues 23 21 41 23 22 (4) % (4) % 47 45 (4) % All other 3 4 3 4 4 33 % — % 7 8 14 % Total revenues 322 297 362 360 345 7 % (4) % 640 705 10 % Interest expense (20) (21) (21) (22) (24) 20 % 9 % (43) (46) 7 % Net revenues 302 276 341 338 321 6 % (5) % 597 659 10 % Non-interest expenses: Compensation, commissions and benefits 231 220 238 238 240 4 % 1 % 444 478 8 % Non-compensation expenses 105 90 110 97 98 (7) % 1 % 203 195 (4) % Total non-interest expenses 336 310 348 335 338 1 % 1 % 647 673 4 % Pre-tax income/(loss) $ (34) $ (34) $ (7) $ 3 $ (17) 50 % NM $ (50) $ (14) 72 % RAYMOND JAMES FINANCIAL, INC. Segment Results - Capital Markets (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 7

Three months ended % change from Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Revenues: Interest income $ 749 $ 826 $ 847 $ 872 $ 868 16 % — % $ 1,425 $ 1,740 22 % Interest expense (219) (329) (408) (446) (455) 108 % 2 % (404) (901) 123 % Net interest income 530 497 439 426 413 (22) % (3) % 1,021 839 (18) % All other 10 17 12 15 11 10 % (27) % 27 26 (4) % Net revenues 540 514 451 441 424 (21) % (4) % 1,048 865 (17) % Non-interest expenses: Compensation and benefits 48 48 41 43 48 — % 12 % 88 91 3 % Non-compensation expenses: Bank loan provision for credit losses 28 54 36 12 21 (25) % 75 % 42 33 (21) % RJBDP fees to Private Client Group (11) 311 277 237 223 206 (34) % (8) % 579 429 (26) % All other 62 69 59 71 74 19 % 4 % 112 145 29 % Total non-compensation expenses 401 400 332 306 301 (25) % (2) % 733 607 (17) % Total non-interest expenses 449 448 373 349 349 (22) % — % 821 698 (15) % Pre-tax income $ 91 $ 66 $ 78 $ 92 $ 75 (18) % (18) % $ 227 $ 167 (26) % RAYMOND JAMES FINANCIAL, INC. Segment Results - Bank (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 9

Three months ended % change from Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Revenues: Interest income $ 36 $ 37 $ 44 $ 49 $ 44 22 % (10) % $ 66 $ 93 41 % All other 1 2 3 2 (2) NM NM 4 — (100) % Total revenues 37 39 47 51 42 14 % (18) % 70 93 33 % Interest expense (27) (24) (22) (25) (25) (7) % — % (51) (50) (2) % Net revenues 10 15 25 26 17 70 % (35) % 19 43 126 % Non-interest expenses: Compensation and benefits 26 27 24 17 32 23 % 88 % 44 49 11 % Insurance settlement received (1) — — — — — — % — % (32) — 100 % All other 7 34 64 6 (22) NM NM 12 (16) NM Total non-interest expenses 33 61 88 23 10 (70) % (57) % 24 33 38 % Pre-tax income/(loss) $ (23) $ (46) $ (63) $ 3 $ 7 NM 133 % $ (5) $ 10 NM RAYMOND JAMES FINANCIAL, INC. Segment Results - Other (14) (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 10

Our Bank segment includes Raymond James Bank and TriState Capital Bank. Bank Segment As of % change from $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Total assets $ 60,400 $ 59,506 $ 60,041 $ 61,517 $ 61,038 1 % (1) % Bank loans, net: Raymond James Bank $ 31,425 $ 30,834 $ 30,906 $ 31,092 $ 30,980 (1) % — % TriState Capital Bank 12,258 12,511 12,869 13,090 13,119 7 % — % Total bank loans, net $ 43,683 $ 43,345 $ 43,775 $ 44,182 $ 44,099 1 % — % Bank loan allowance for credit losses $ 415 $ 456 $ 474 $ 479 $ 471 13 % (2) % Bank loan allowance for credit losses as a % of total loans held for investment 0.94 % 1.04 % 1.07 % 1.08 % 1.06 % Bank loan allowance for credit losses on corporate loans as a % of corporate loans held for investment (15) 1.67 % 1.90 % 2.03 % 2.06 % 2.05 % Total nonperforming assets $ 99 $ 127 $ 128 $ 164 $ 187 89 % 14 % Nonperforming assets as a % of total assets 0.16 % 0.21 % 0.21 % 0.27 % 0.31 % Total criticized loans $ 403 $ 411 $ 518 $ 472 $ 538 33 % 14 % Criticized loans as a % of loans held for investment 0.92 % 0.94 % 1.17 % 1.06 % 1.21 % Total bank deposits $ 54,229 $ 53,768 $ 54,199 $ 55,393 $ 54,843 1 % (1) % As of % change from $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 Securities-based loans (16) $ 14,227 $ 14,227 $ 14,606 $ 14,647 $ 14,610 3 % — % Commercial and industrial loans 11,259 10,663 10,406 10,503 10,190 (9) % (3) % Commercial real estate loans 7,054 7,091 7,221 7,331 7,462 6 % 2 % Real estate investment trust loans 1,717 1,715 1,668 1,697 1,701 (1) % — % Residential mortgage loans 8,079 8,422 8,662 8,861 9,016 12 % 2 % Tax-exempt loans 1,643 1,548 1,541 1,411 1,445 (12) % 2 % Total loans held for investment 43,979 43,666 44,104 44,450 44,424 1 % — % Held for sale loans 119 135 145 211 146 23 % (31) % Total loans held for sale and investment 44,098 43,801 44,249 44,661 44,570 1 % — % Allowance for credit losses (415) (456) (474) (479) (471) 13 % (2) % Bank loans, net $ 43,683 $ 43,345 $ 43,775 $ 44,182 $ 44,099 1 % — % Three months ended % change from Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 December 31, 2023 March 31, 2023 March 31, 2024 % change Net interest margin (net yield on interest-earning assets) 3.63 % 3.26 % 2.87 % 2.74 % 2.66 % 3.51 % 2.70 % Bank loan provision for credit losses $ 28 $ 54 $ 36 $ 12 $ 21 (25) % 75 % $ 42 $ 33 (21) % Net charge-offs $ 20 $ 15 $ 17 $ 8 $ 28 40 % 250 % $ 22 $ 36 64 % RAYMOND JAMES FINANCIAL, INC. Bank Segment Selected Key Metrics (Unaudited) Please refer to the footnotes at the end of this supplement for additional information. 11

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) We utilize certain non-GAAP financial measures as additional measures to aid in, and enhance, the understanding of our financial results and related measures. These non-GAAP financial measures have been separately identified in this document. We believe a certain of these non-GAAP financial measures provide useful information to management and investors by excluding certain material items that may not be indicative of our core operating results. We utilize these non-GAAP financial measures in assessing the financial performance of the business, as they facilitate a comparison of current- and prior-period results. We believe that return on tangible common equity and tangible book value per share are meaningful to investors as they facilitate comparisons of our results to the results of other companies. In the following tables, the tax effect of non-GAAP adjustments reflects the statutory rate associated with each non-GAAP item. These non-GAAP financial measures should be considered in addition to, and not as a substitute for, measures of financial performance prepared in accordance with GAAP. In addition, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures of other companies. The following tables provide a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures for those periods which include non-GAAP adjustments. Three months ended Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Net income available to common shareholders $ 425 $ 369 $ 432 $ 497 $ 474 $ 932 $ 971 Non-GAAP adjustments: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 17 18 17 11 11 35 22 Other acquisition-related compensation — 10 — — — — — Total “Compensation, commissions and benefits” expense 17 28 17 11 11 35 22 Communication and information processing — — 2 — 1 — 1 Professional fees — 1 3 1 1 — 2 Other: Amortization of identifiable intangible assets (18) 11 11 12 11 11 22 22 All other acquisition-related expenses — — — — 2 — 2 Total “Other” expense 11 11 12 11 13 22 24 Total expenses related to acquisitions 28 40 34 23 26 57 49 Other — Insurance settlement received (1) — — — — — (32) — Pre-tax impact of non-GAAP adjustments 28 40 34 23 26 25 49 Tax effect of non-GAAP adjustments (7) (10) (9) (6) (6) (6) (12) Total non-GAAP adjustments, net of tax 21 30 25 17 20 19 37 Adjusted net income available to common shareholders (4) $ 446 $ 399 $ 457 $ 514 $ 494 $ 951 $ 1,008 Pre-tax income $ 557 $ 486 $ 585 $ 630 $ 609 $ 1,209 $ 1,239 Pre-tax impact of non-GAAP adjustments (as detailed above) 28 40 34 23 26 25 49 Adjusted pre-tax income (4) $ 585 $ 526 $ 619 $ 653 $ 635 $ 1,234 $ 1,288 Compensation, commissions and benefits expense $ 1,820 $ 1,851 $ 1,892 $ 1,921 $ 2,043 $ 3,556 $ 3,964 Less: Total compensation-related acquisition expenses (as detailed above) 17 28 17 11 11 35 22 Adjusted “Compensation, commissions and benefits” expense (4) $ 1,803 $ 1,823 $ 1,875 $ 1,910 $ 2,032 $ 3,521 $ 3,942 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 12

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Six months ended March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Pre-tax margin (7) 19.4 % 16.7 % 19.2 % 20.9 % 19.5 % 21.4 % 20.2 % Impact of non-GAAP adjustments on pre-tax margin: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.5 % 0.7 % 0.6 % 0.4 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation — % 0.3 % — % — % — % — % — % Total “Compensation, commissions and benefits” expense 0.5 % 1.0 % 0.6 % 0.4 % 0.3 % 0.6 % 0.4 % Communications and information processing — % — % — % — % — % — % — % Professional fees — % — % 0.1 % — % 0.1 % — % — % Other: Amortization of identifiable intangible assets (18) 0.5 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % 0.4 % All other acquisition-related expenses — % — % — % — % 0.1 % — % — % Total “Other” expense 0.5 % 0.4 % 0.4 % 0.4 % 0.5 % 0.4 % 0.4 % Total expenses related to acquisitions 1.0 % 1.4 % 1.1 % 0.8 % 0.9 % 1.0 % 0.8 % Other — Insurance settlement received (1) — % — % — % — % — % (0.6) % — % Total non-GAAP adjustments 1.0 % 1.4 % 1.1 % 0.8 % 0.9 % 0.4 % 0.8 % Adjusted pre-tax margin (4) (7) 20.4 % 18.1 % 20.3 % 21.7 % 20.4 % 21.8 % 21.0 % Total compensation ratio (8) 63.3 % 63.7 % 62.0 % 63.8 % 65.5 % 62.8 % 64.7 % Less the impact of non-GAAP adjustments on compensation ratio: Acquisition-related retention (17) 0.5 % 0.7 % 0.6 % 0.4 % 0.3 % 0.6 % 0.4 % Other acquisition-related compensation — % 0.3 % — % — % — % — % — % Total “Compensation, commissions and benefits” expenses related to acquisitions 0.5 % 1.0 % 0.6 % 0.4 % 0.3 % 0.6 % 0.4 % Adjusted total compensation ratio (4) (8) 62.8 % 62.7 % 61.4 % 63.4 % 65.2 % 62.2 % 64.3 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 13

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Three months ended Six months ended Earnings per common share (2) March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Diluted $ 1.93 $ 1.71 $ 2.02 $ 2.32 $ 2.22 $ 4.23 $ 4.54 Impact of non-GAAP adjustments on diluted earnings per common share: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 0.08 0.09 0.08 0.05 0.05 0.16 0.10 Other acquisition-related compensation — 0.05 — — — — — Total “Compensation, commissions and benefits” expense 0.08 0.14 0.08 0.05 0.05 0.16 0.10 Communications and information processing — — 0.01 — — — — Professional fees — — 0.01 0.01 0.01 — 0.01 Other: Amortization of identifiable intangible assets (18) 0.05 0.05 0.05 0.05 0.05 0.10 0.11 All other acquisition-related expenses — — — — 0.01 — 0.01 Total “Other” expense 0.05 0.05 0.05 0.05 0.06 0.10 0.12 Total expenses related to acquisitions 0.13 0.19 0.15 0.11 0.12 0.26 0.23 Other — Insurance settlement received (1) — — — — — (0.15) — Tax effect of non-GAAP adjustments (0.03) (0.05) (0.04) (0.03) (0.03) (0.03) (0.06) Total non-GAAP adjustments, net of tax 0.10 0.14 0.11 0.08 0.09 0.08 0.17 Adjusted diluted (4) $ 2.03 $ 1.85 $ 2.13 $ 2.40 $ 2.31 $ 4.31 $ 4.71 Book value per share As of $ in millions, except per share amounts March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Total common equity attributable to Raymond James Financial, Inc. $ 9,875 $ 9,870 $ 10,135 $ 10,711 $ 10,905 Less non-GAAP adjustments: Goodwill and identifiable intangible assets, net 1,932 1,928 1,907 1,908 1,894 Deferred tax liabilities related to goodwill and identifiable intangible assets, net (128) (129) (131) (132) (134) Tangible common equity attributable to Raymond James Financial, Inc. (4) $ 8,071 $ 8,071 $ 8,359 $ 8,935 $ 9,145 Common shares outstanding 211.6 208.5 208.8 208.7 207.3 Book value per share (3) $ 46.67 $ 47.34 $ 48.54 $ 51.32 $ 52.60 Tangible book value per share (3) (4) $ 38.14 $ 38.71 $ 40.03 $ 42.81 $ 44.11 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 15

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on common equity Three months ended Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Average common equity (19) $ 9,806 $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 9,650 $ 10,584 Impact of non-GAAP adjustments on average common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 6 6 18 11 Other acquisition-related compensation — 4 — — — — — Total “Compensation, commissions and benefits” expense 9 13 9 6 6 18 11 Communications and information processing — — 1 — — — — Professional fees — 1 2 — — — 1 Other: Amortization of identifiable intangible assets (18) 6 6 6 6 6 11 11 All other acquisition-related expenses — — — — 1 — 1 Total “Other” expense 6 6 6 6 7 11 12 Total expenses related to acquisitions 15 20 18 12 13 29 24 Other — Insurance settlement received (1) — — — — — (21) — Tax effect of non-GAAP adjustments (4) (5) (5) (3) (3) (2) (6) Total non-GAAP adjustments, net of tax 11 15 13 9 10 6 18 Adjusted average common equity (4) (19) $ 9,817 $ 9,888 $ 10,016 $ 10,432 $ 10,818 $ 9,656 $ 10,602 RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 16

Reconciliation of non-GAAP financial measures to GAAP financial measures (Unaudited) (Continued from previous page) Return on tangible common equity Three months ended Six months ended $ in millions March 31, 2023 June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 Average common equity (19) $ 9,806 $ 9,873 $ 10,003 $ 10,423 $ 10,808 $ 9,650 $ 10,584 Less: Average goodwill and identifiable intangible assets, net 1,936 1,930 1,918 1,908 1,901 1,934 1,903 Average deferred tax liabilities related to goodwill and identifiable intangible assets, net (129) (128) (130) (132) (133) (128) (132) Average tangible common equity (4) (19) $ 7,999 $ 8,071 $ 8,215 $ 8,647 $ 9,040 $ 7,844 $ 8,813 Impact of non-GAAP adjustments on average tangible common equity: Expenses related to acquisitions: Compensation, commissions and benefits: Acquisition-related retention (17) 9 9 9 6 6 18 11 Other acquisition-related compensation — 4 — — — — — Total “Compensation, commissions and benefits” expense 9 13 9 6 6 18 11 Communications and information processing — — 1 — — — — Professional fees — 1 2 — — — 1 Other: Amortization of identifiable intangible assets (18) 6 6 6 6 6 11 11 All other acquisition-related expenses — — — — 1 — 1 Total “Other” expense 6 6 6 6 7 11 12 Total expenses related to acquisitions 15 20 18 12 13 29 24 Other — Insurance settlement received (1) — — — — — (21) — Tax effect of non-GAAP adjustments (4) (5) (5) (3) (3) (2) (6) Total non-GAAP adjustments, net of tax 11 15 13 9 10 6 18 Adjusted average tangible common equity (4) (19) $ 8,010 $ 8,086 $ 8,228 $ 8,656 $ 9,050 $ 7,850 $ 8,831 Return on common equity (6) 17.3 % 14.9 % 17.3 % 19.1 % 17.5 % 19.3 % 18.3 % Adjusted return on common equity (4) (6) 18.2 % 16.1 % 18.3 % 19.7 % 18.3 % 19.7 % 19.0 % Return on tangible common equity (4) (6) 21.3 % 18.3 % 21.0 % 23.0 % 21.0 % 23.8 % 22.0 % Adjusted return on tangible common equity (4) (6) 22.3 % 19.7 % 22.2 % 23.8 % 21.8 % 24.2 % 22.8 % RAYMOND JAMES FINANCIAL, INC. Please refer to the footnotes at the end of this supplement for additional information. 17

Footnotes (1) The six months ended March 31, 2023 included the favorable impact of a $32 million insurance settlement received during the period related to a previously settled legal matter. This item has been reflected as an offset to Other expenses within our Other segment. In the computation of our non-GAAP financial measures, we have reversed the favorable impact of this item on adjusted pre-tax income and adjusted net income available to common shareholders. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (2) Earnings per common share is computed by dividing net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period or, in the case of adjusted earnings per common share, computed by dividing adjusted net income available to common shareholders (less allocation of earnings and dividends to participating securities) by weighted-average common shares outstanding (basic or diluted as applicable) for each respective period. The allocations of earnings and dividends to participating securities were $1 million for each of the three months ended June 30, 2023, September 30, 2023, December 31, 2023, and March 31, 2024, $2 million for the three months ended March 31, 2023, $3 million for the six months ended March 31, 2023, and $2 million for the six months ended March 31, 2024. (3) Book value per share is computed by dividing total common equity attributable to Raymond James Financial, Inc. by the number of common shares outstanding at the end of each respective period or, in the case of tangible book value per share, computed by dividing tangible common equity by the number of common shares outstanding at the end of each respective period. (4) These are non-GAAP financial measures. See the schedules on the previous pages for a reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures and for more information on these measures. (5) Estimated. (6) Return on common equity is computed by dividing annualized net income available to common shareholders by average common equity for each respective period or, in the case of return on tangible common equity, computed by dividing annualized net income available to common shareholders by average tangible common equity for each respective period. Adjusted return on common equity is computed by dividing annualized adjusted net income available to common shareholders by adjusted average common equity for each respective period, or in the case of adjusted return on tangible common equity, computed by dividing annualized adjusted net income available to common shareholders by adjusted average tangible common equity for each respective period. Tangible common equity is defined as total common equity attributable to Raymond James Financial, Inc. less goodwill and identifiable intangible assets, net of related deferred taxes. (7) Pre-tax margin is computed by dividing pre-tax income by net revenues for each respective period or, in the case of adjusted pre-tax margin, computed by dividing adjusted pre-tax income by net revenues for each respective period. (8) Total compensation ratio is computed by dividing compensation, commissions and benefits expense by net revenues for each respective period or, in the case of adjusted total compensation ratio, computed by dividing adjusted compensation, commissions and benefits expense by net revenues for each respective period. (9) Domestic Private Client Group net new assets represents domestic Private Client Group client inflows, including dividends and interest, less domestic Private Client Group client outflows, including commissions, advisory fees, and other fees. The Domestic Private Client Group net new asset growth — annualized percentage is based on the beginning Domestic Private Client Group assets under administration balance for the indicated period. (10) These metrics include the impact of the departure of approximately 60 financial advisors and approximately $5 billion of assets under administration, representing the portion of advisors previously associated through a single relationship in the firm’s independent contractors division whose affiliation with the firm ended in the fiscal third quarter of 2023. (11) We earn fees from the RJBDP, a multi-bank sweep program in which clients’ cash deposits in their brokerage accounts are swept into interest-bearing deposit accounts at Raymond James Bank and TriState Capital Bank, which are included in our Bank segment, as well as various third-party banks. RJBDP balances swept to our Bank segment are reflected in Bank deposits on our Consolidated Statement of Financial Condition. RJBDP balances swept to third-party banks are not included in our bank deposit liability balance reflected on our Consolidated Statement of Financial Condition given those deposits are held by third-party banks. Fees earned from the RJBDP are included in “Account and service fees” on our Consolidated Statements of Income, and those fees earned by the Private Client Group segment on deposits held by our Bank segment are eliminated in consolidation. (12) Our Enhanced Savings Program is a deposit offering in which Private Client Group clients may deposit cash in a high-yield Raymond James Bank account. ESP balances held at Raymond James Bank as of the respective period end are reflected in Bank deposits on our Consolidated Statement of Financial Condition. As of March 31, 2024, we had placed $324 million of ESP deposits with third-party banks, and accordingly such deposits were not included in our bank deposit liability balance reflected on our Consolidated Statement of Financial Condition. (13) Average yield on RJBDP - third-party banks is computed by dividing annualized RJBDP fees - third-party banks, which are net of the interest expense paid to clients by the third-party banks, by the average daily RJBDP balances at third-party banks. (14) The Other segment includes interest income on certain corporate cash balances, the results of our private equity investments, which predominantly consist of investments in third-party funds, certain other corporate investing activity, and certain corporate overhead costs of RJF that are not allocated to other segments including the interest costs on our public debt, certain provisions for legal and regulatory matters, and certain acquisition-related expenses. (15) Corporate loans included commercial and industrial loans, commercial real estate loans, and real estate investment trust loans. (16) Securities-based loans included loans collateralized by the borrower’s marketable securities at advance rates consistent with industry standards and, to a lesser extent, the cash surrender value of life insurance policies. An insignificant portion of our securities-based loans portfolio is collateralized by private securities or other financial instruments with a limited trading market. (17) Includes acquisition-related compensation expenses primarily arising from equity and cash-based retention awards issued in conjunction with acquisitions in prior years. Such retention awards are generally contingent upon the post-closing continuation of service of certain associates who joined the firm as part of such acquisitions and are expensed over the requisite service period. (18) Amortization of identifiable intangible assets, which was included in “Other” expense, includes amortization of identifiable intangible assets arising from our acquisitions. RAYMOND JAMES FINANCIAL, INC. 18

(19) Average common equity for the quarter-to-date period is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of the date indicated to the prior quarter-end total, and dividing by two, or in the case of average tangible common equity, computed by adding tangible common equity as of the date indicated to the prior quarter-end total, and dividing by two. For the year- to-date period, average common equity is computed by adding the total common equity attributable to Raymond James Financial, Inc. as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three, or in the case of average tangible common equity, computed by adding tangible common equity as of each quarter-end date during the indicated period to the beginning of year total, and dividing by three. Adjusted average common equity is computed by adjusting for the impact on average common equity of the non-GAAP adjustments, as applicable for each respective period. Adjusted average tangible common equity is computed by adjusting for the impact on average tangible common equity of the non-GAAP adjustments, as applicable for each respective period. RAYMOND JAMES FINANCIAL, INC. 19